Forex Marketz Daily Forex News – Fully Markets Update
GBP/JPY (¥174.054)
- Resistance Levels: ¥175.30, ¥176.30, ¥177.40
- Support Levels: ¥173.65, ¥172.05, ¥170.40
The Sterling has now fallen below a key technical level at ¥174. This is a fresh three week low. Should we see it fall below ¥173.65, with a daily close, the GBP/JPY would then challenge ¥172.05.
Alternatively, a defend near this level, with a reversal would need a close above ¥175.30. There is a minor cluster area that begins at ¥175.05 and ends at ¥175.30. A close above this area targets ¥176.30 and higher.
Looking at trading strategy. We are trading near a support level. This means entering short trades now is not a good idea from a risk to reward scenario. We also do not see any bullish reversal candlesticks on our charts. Watching and waiting for a better trade opportunity might be the best course of action for now. You can also buy on dips and sell on peaks. In other words, we are looking at some choppy price action for now.
